Evergrande Property Services flags sufficient working capital till 2024

EVERGRANDE Property Services Group Ltd on Monday reported a 46.4% plunge in its fiscal 2022 profit, when compared with fiscal 2020, and said it would have sufficient working capital to meet its financial obligations up to 2024 through various measures aimed at boosting liquidity.

The property services unit of embattled China Evergrande Group said profit attributable for the year ended Dec. 31 was 1.42 billion yuan ($199.85 million), compared with 2.65 billion yuan in 2020.

"The group will have sufficient working capital to meet its financial obligations up to 30 June 2024," Evergrande Property said.

The company did not declare a final dividend and said loss attributable in 2021 was 316.3 million yuan.

Evergrande Property's shares have been suspended since March 21, 2022, pending the company's financial results and a probe into seized deposits worth $2 billion.

Evergrande Property's results are also in focus as China Evergrande gave creditors a basket of options in its debt restructuring terms to swap their debt into some equity-linked instruments backed by the unit. - Reuters

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Evergrande , China , dividend , working capital


Next In Business News

Ringgit ends easier vs US$ after Fed's hawkish tone
Bursa Malaysia ends lower in sync with regional markets
AmBank continues to invest in SMEs towards growth, success
EcoWorld Malaysia on track to meeting FY23 target with sales of RM3.06bil
Google discussed dropping Broadcom as AI chips supplier
Dayang secures contract extension from Sapura OMV
UMW Group auto sales up 18% to 41,386 in August 2023
Public Bank, SJPP collaborate to extend RM1bil in financing to SMEs
Greentech, Felda sign MoU to build waste management plant in Johor
Marii inks MoU with Indonesia's IOI on automotive industry collaboration

Others Also Read